Safe as Houses

The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.

“If there is a risk in a bank, our first question should be ‘Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?’,” he said.

A cynic might argue that depositors are being robbed to prop up a multinational currency which should never have been created, in nations which should never have been allowed to join it.

I worry about my parents. What is lost in this are the people who saved their entire lives for a little something to see them through old age, and who might now be deprived, when they need it most. There is a potential for great human tragedy out there, all because bureaucrats don't understand the meaning of "private property." Or maybe those of us who believe in such are dreamers?